A complete guide to buying a house in Chennai
Buying a house is one of the most fulfilling things to do in life. If you’ve been wishing to invest in a house in Chennai, one of the most desirable residential destinations in the country, then we cannot think of a better time and opportunity than now.
Buying a house is a once in a lifetime opportunity, especially when you’ve been saving up for it since decades. For the new homebuyers, having just a roof over the head is no longer going to cut it. Buyers are now looking for spacious homes in self-sufficient neighborhoods that offer good connectivity and are available at a fair price – now that’s not a lot to ask for, especially if you know what you’re really looking for.
If you’re keen on purchasing an apartments in Chennai, here’s the journey that will lead you to finding the perfect home –
Know what you’re looking for
The first step towards finding your dream home is knowing your priorities. What style of a house are you looking for? What kind of neighborhood? Given the massive expanse of Chennai city, it is best if you select a location carefully. The residential hub in the heart of the city can be costly. At the same time, picking a house that is located on the outskirts of Chennai may not offer great connectivity. Researching and educating yourself with what’s new on the residential front is key, which would also give you a good understanding of the approximate budget of the properties.
Evaluate your finances
This is the time to pool in your savings for the big splurge; however, make sure you’re being smart about it. Most times if you’re investing in a flat in Chennai, the price quoted is the basic cost, which does not include other fees for development, location preference, parking, etc. Make sure you check for all hidden costs at an earlier stage. This is the time for you to pay off any outstanding debts, loans or credit card statements in order to start the financial purchase from a clean slate. If you will be applying for a home loan, it is best to check your credit score first, so that there are no surprises in the future.
Avoid costly purchases
Steady and mindful financial planning is the way to go. It is safe to say that the standard of living in a metro city like Chennai can be expensive. The cost for childcare, utilities, transportation, everyday necessities and even leisure activities is relatively high in Chennai. If you are on the lookout for a real estate investment, it is best if you start saving up sooner. Avoid any sort of hefty purchases, such as a car or a family vacation or wedding preparation, before you start the purchase process of your house. Any other costly investment at this stage can also affect your credit scoring and pose as a hindrance while purchasing the house.
Start saving up for the down payment
While the overall sum of your investment can be laid out and paid over the years, a token or advance amount is usually required to be paid upfront in order to book the house in your name. This down payment percentage could vary for different locations in Chennai, however, it is best if you start saving up at least 20% of the total sum, which is extremely important in real estate transactions.
Find a reputable builder
Most people forget this step. You know what you’re looking for and you’ve managed your finances for it, but finding a reputable and reliable builder is extremely crucial. This decides what the entire journey of your investment would be like. The booming growth of the IT sector in Chennai has led to more employment opportunities in the city. This in turn has resulted in the mushrooming of numerous residential projects for different budgets. A trustworthy builder can offer the best-of-the-best plots for sale in Chennai with genuine information, transparency and final product.
The residential properties in Chennai are a true combination of traditional authenticity and modern understanding with just the right infrastructure to support it. Build your dream home at House of Hiranandani’s luxurious residential marvels. Strategically located at Old Mahabalipuram Road and Thaiyur, the properties are easily accessible from in and around the city, available in configurations of 2 and 3 BHK flats in Chennai. These residential projects are equipped with future-ready amenities and refreshing lush greenery that add to the overall holistic living experience.